Key points
- CoreWeave expanded its high-yield bond issuances by an additional $1 billion, reaching a total of $2.75 billion at an interest rate of 9.75%.
- Shares are up 29% in the past week and have returned 191% over the trailing 12 months.
- The recent momentum stems from a $6 billion computing agreement with Jane Street, accompanied by a $1 billion stake.
- The company’s contracted revenue backlog jumped to more than $90 billion from the $66.8 billion recorded at the end of 2025.
- Cantor Fitzgerald analysts raised their price target to $156 while maintaining an Overweight recommendation.
CoreWeave had a whirlwind week of financial activity. The AI cloud infrastructure provider increased its bond issuance by $1 billion on Thursday, raising the total volume of its 9.75% unsecured high-yield bonds to $2.75 billion.
CoreWeave, Inc. Class of common stock, CRWV
The expansion was driven by one factor: exceptional demand. A company representative described investor interest as “overwhelming.”
This bond expansion represents just one element of a comprehensive fundraising initiative. A few days ago, CoreWeave It closed a US$4 billion convertible senior notes deal – initially planned for US$3 billion, increased to US$3.5 billion, and ultimately expanded further when the underwriters activated an aggregate provision of US$500 million.
In March, the company secured an $8.5 billion deferred term loan – marking the first AI infrastructure financing to achieve an investment-grade credit rating. The facilities featured an all-in interest rate of less than 6% and were secured by GPU equipment and customer agreements.
This significant increase in capital is directly related to the contracts signed. CoreWeave’s contracted revenue backlog was $66.8 billion at the end of 2025. Recent customer agreements have pushed that number above $90 billion.
Key customer agreements fuel growth
The most significant announcement of the week was a $6 billion computing contract with Jane Street. You will benefit from the power of quantitative trading CoreWeave Infrastructure across multiple data centers, including systems built on NVIDIA’s Vera Rubin platform. At the same time, Jane Street acquired a $1 billion stock position in CoreWeave at $109 per share.
This agreement marks the third major contract unveiled by CoreWeave in recent weeks. Meta has expanded its existing relationship with CoreWeave with an additional $21 billion commitment. Artificial intelligence research firm Anthropic has also joined as a new client.
Cantor Fitzgerald analyst Brett Knoblauch increased CRWV’s price target to $156 from $149 following Jane Street’s announcement, maintaining an overweight stance. He pointed out that the agreements indicate an expansion of the backlog, accelerating near-term revenue visibility, and enhancing customer diversification.
Knoblauch said CoreWeave has sufficient infrastructure capacity available to secure additional contracts in the coming months, with implementation expanding into late 2025 and into 2027. His forecast is that the backlog could reach $100 billion by the second quarter of 2026.
Likewise, Evercore ISI raised its price target to $150 from $120, while maintaining an Outperform rating. Wolfe Research initiated coverage with an Outperform designation and a $150 target, highlighting CoreWeave’s competitive position in the new cloud infrastructure segment.
Stock price movement
CRWV advanced 29% over the past week and has gained 191% over the next year. During the current year-to-date period, shares are up approximately 66%.
Despite these impressive returns, InvestingPro’s analysis indicates that the stock is trading above its calculated fair value estimate. Wall Street analysts do not expect the company to achieve profitability in 2026.
CoreWeave has faced scrutiny regarding its debt backlog, although management maintains that borrowing is justified by contracted customer demand and supported by committed revenue streams. Revenue expanded 168% over the past 12 months.
Shares were trading at $118.69 according to recent market data, with CRWV down nearly 2% on Thursday amid broader stock market weakness.
